Should I pull my money out of these Credit Unions? - Page 4
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Thread: Should I pull my money out of these Credit Unions?

  1. #31
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    I am not aware of any major Canadian credit union that had significant trouble during the 2007-2009 crisis, but someone correct me if I'm wrong.

    In comparison, all the big banks had trouble and had to take (secret) emergency loans from the US Federal Reserve, Bank of Canada, and additional support from CMHC. Most of this was revealed by Bloomberg media after they sued the US Federal Reserve and the Supreme Court forced the Fed to reveal the secret loan data.


  2. #32
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    Questions is ... how to find it?

    Ontario is only listing 2009+. So far, there is not a lot for the other jurisdictions.

    I did notice that:
    Mortgage lenders, however, have looked at the same property and, until recently, seen nothing but cash.

    But after two decades of continually borrowing up - plowing through mortgages from Royal Bank, private lenders and credit unions, until settling on two subprime lenders - the 46-year-old fisherman has landed in a foreclosure proceeding.

    Records show that at least nine different lenders have given mortgages to Mr. Goodyear ... "I didn't really have to show anything to borrow," Mr. Goodyear
    http://www.theglobeandmail.com/repor...7076/?page=all


    Cheers


    PS

    What is your definition of "major Canadian credit union" and "significant trouble".
    Last edited by Eclectic12; 2017-05-02 at 05:06 PM. Reason: added PS

  3. #33
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    Running a financial institution these days is not an easy task and the complexities are such that smaller credit unions often have a difficult time keeping up with such things as technology, investment area (advisors/advisers?), scales of economy, training, managing a surplus or shortfall in liquidity, and generally the scales of economy. If their performance starts to fall and growth or other issues arise they often just merge with another CU. In BC the number of CU's has dwindled over the years but their asset base has I believe increased significantly. Nobody has every lost money in a CU in Canada.

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  5. #34
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    In the past there were a number of smaller credit unions in BC that experienced challenging times. They did not fail though a few may have been on the brink. Credit Union Central moved in, reviewed the financials, and overnight those organizations were taken over by larger,stronger credit unions. Members did not really see any interuption in service.

  6. #35
    Senior Member sags's Avatar
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    When there are too many subprime lenders competing for the same business, client approvals are bound to slide down the credit totem pole.

    Mortgage brokers, people working in lender offices have a financial interest in approving mortgages. They don't earn anything by saying "no".
    Someone planted a tree a long time ago so I can sit in the shade.

  7. #36
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    There is speculation that short sellers may have played a disturbing role in the ongoing saga at Home Capital. One point that should be made is that Credit Unions, by their very nature of being member owned, are immune to rogue attacks by short sellers.


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